HDB’s Statement on AHTC’s Appointment of KPMG LLP as Accountant

  • Published Date: 01 Mar 2016

        We refer to AHTC’s media statement on 1 March 2016 that they have appointed KPMG LLP to perform the tasks ordered by the Court of Appeal (CA).

     

    2    HDB notes from the business proposal submitted by AHTC that KPMG has made conflict disclosures and proposed safeguards to AHTC to address potential conflict concerns that may arise in respect of the proposed engagement. This includes the fact that KPMG’s Managing Partner, Mr Tham Sai Choy, is also a member of the HDB Board. In response to HDB’s request for clarifications, AHTC has acknowledged and confirmed the following to HDB:

    • KPMG has disclosed areas of potential conflicts of interest to AHTC.
    • KPMG and AHTC have agreed safeguards to ensure that the objectivity of KPMG’s engagement is not threatened by conflicts of interest.
    • AHTC can confirm that such safeguards are, in its view, adequate.

     

    3    Mr Tham Sai Choy has also declared his interest to the HDB Board and has recused himself from any deliberation and decision-making relating to AHTC.

     

    4    Since conflict disclosures have been made clear to and appropriate safeguards have been accepted by the relevant parties involved, HDB has informed AHTC that it has in-principle no objection to its appointment of KPMG LLP as its accountant pursuant to the CA Judgment.

     

    5    We look forward to AHTC giving its fullest cooperation to its accountants, including full and unimpeded access to the relevant records and personnel, so that the tasks ordered by the CA can be completed expeditiously.